Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,143/mo
Lowest payment- Down payment
- $32,439
- Funds due
- $48,788
- Interest + MI left
- $532,865
- First ends
- Oct 2052
New loan
New conventional
$4,482/mo
+$338/mo- Down payment
- $64,000
- Funds due
- $76,008
- Interest + MI left
- $842,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $607,561 | $576,000 |
| Second mortgage | — | — |
| First P&I | $3,678.79 | $3,902.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $464.34 | $464.34 |
| Total housing payment | $4,143.13 | $4,481.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,439
Closing costs & prepaids$16,349
Usable credit−$0
Total buyer cash needed$48,788
Earnest money paid−$0
Remaining funds due$48,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,037.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$768.00
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$550.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 10 moOf the original 30-year loan at 5.51%
Interest already paid$144,301Through Dec 2026
Assumption only · ends Oct 2052$532,865
New conventional · ends Jan 2057$842,207